♪ liz: you have developed the rain here in cleveland. this great american city that is open for business. good afternoon everybody. this is countdown to the closing valve. we are right on the waterfront in cleveland for day to. big news today. the jobs report for the month of september. the economy added about 114,000 jobs for the month. unexpectedly bringing the unemployment rate down to 7.8%. the best we have seen in several years. frankly, what better place to be had here in the buckeye state. number four nationwide in an employment rate.

business is booming in cleveland. we have even more of the cities top names in business for you. we have been here all day. only one thing president obama and mitt romney agreed on at the debate is that the cleveland clinic is doing healthcare right. coming up this hour, we are speaking to a doctor at the cleveland clinic about his prime time shot up and more importantly what about what mitt romney has said about getting rid of the healthcare brand in the healthcare law that the president has pushed forward. he has some interesting points on that. such a successful company. one year ago warren buffett said i am buying this company outright. one year later we seek to the chairman, ceo in a fox business

exclusive. an interview about a multibillion-dollar deal. what does he see on the business landscape? how does he feel about how the united states economy is coming through and how it is that gigantic chemical business did his first and only job -- he joined when he was a freshman in college in 1979. he has made his home here in cleveland. first, it is the last hour of trading. are we fumbling this rally? what happened? don implement rate fell to its lowest level since 2009. we are moderating here. in fact, we had the nasdaq and s&p suddenly turning negative good the economy did add 140,000 jobs in the month of september. we have don implement rate coming down to 7.8% from 8.1%. the market liked the news. the dow at one point was up 86

points. that is the highest intraday level since december 2007. earlier today, you are making money in your portfolio. the dow is still up about 1% for the week. the s&p is on track for its second straight day of gains. look at oil. up yesterday. today falling about two dollars making its way back down from the 4% surge during trading yesterday. there is always that headline news and risk out of the middle east. today we see a slightly not so robust economy and oil pulling back once again. let's get right to the floor show, new york stock exchange, cme and the imax. is it just that people are profit taking at this point of the day where it is one hour before "the closing bell" rings? >> we are going right into the

felt. people were a little bit euphoric about it. maybe there was some reality to this. what you see at the end of the day, the link into weekend is people are a little skeptical. we were expecting 8.2% and it came in at 7.8%. they want to see how the government came up with that number. you are seeing some money come off the table. a little bit of profit taking into the weekend. we hit resistance. we have done that three or four times. we did it again today. the market will back off a little bit. we will close almost flat, i would imagine. liz: what are you going to do. we have the rally for part of today. let me get to the imax. we have gold at this point down $18. oil is coming down as well. maybe we could also throw in dollar versus euro. >> energies love heavy.

i think we are going lower. we got below $90 good we could not get back above. that is bearish for crude oil. down i think we go. overall, though, the economy is slowing down. supplies increasing in crude oil. down it goes. i think we see $86 crude oil. liz: if the weather here in cleveland is any indication of what will happen in new york, connecticut and new jersey, it is getting a little bit colder here. watch out. the dollar versus the euro. $1.30. what happened to our dollar? >> good afternoon. the dollar -- the trade was so crowded. everyone was trying to short the euro. we have a little bit of a rally. i think the dollar will show

some strength you're coming in the next couple of weeks. i think the euro will come down much lower. 125-120 before the end of the year. i think the dollar will gain a lot more strength. liz: what happened sunday with the market? >> we are starting earnings season. i think the market will continue to turn. i think we are stuck between 1450 and 1475. i do think you will see something break us out of that until there is a real catalyst either way. liz: remember it is columbus on monday neared gentlemen, thank you so much. have a good weekend. cold weather is coming your way. president obama right here in cleveland talking about the jobs report that said the unemployment rate to the lowest level since 2009. you are looking at him walk into cleveland state university. a lot of students braving the

rain and weather to come out and see the president. earlier today he spoke in virginia. rich edson was right there. he has the very latest. >> two surveys, when you look at this jobs report, two very different snapshots. $114,000 workers. a second survey of households showed more than 873,000 folks employed last month bringing the employment rate down from 8.127.8%. it shows economic momentum. governor romney said it is still too weak. they attack one another's plan. >> yes, skew towards the wealthiest. if we get rid of more regulations on wall street, then our problems will be solved. jobs and prosperity will rain down from the sky. >> when i am president, when i

am president of the united states -- [ cheering ] that unemployment rate will come down, not because people are giving up and dropping out of the workforce, but because we are creating more jobs. >> only one more of these employment reports before election day. back to you. liz: right. the friday before election day. can you imagine? thank you very much. closing bell ringing in 52 minutes. when berkshire warren buffett buys a company, investors watch and listen. coming up in a fox business exclusive, we are speaking at a rare interview with the chairman, ceo and president about the $9 billion deal. how this business today. what is it like? he is coming up live only on fox business. cleveland, open for business.

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♪ nicole: i am nicole petallides. it is time for the power mover. you made some money if you are short. we are looking at zynga today hitting a new low. the ipo price cut to $10 stuff, has been moving lower ever since. down. 17%. the company is cutting it outlook once again. they are directly correlating to facebook. they are not think the revenues from there either. we are talking about mafia wars, city build, those are some of the names you may be familiar worth. zynga continues to the jobsite. whatever court is saying, i told you so. at one point they were saying self. let's take a look at some of the other video games. we are looking at electronic

arts, activision, just to name a few. that is the latest here on the floor of the new york stock exchange. fax over to cleveland now. liz: thank you very much as i am so disorganized here. there is so much activity going on. warren buffett always looking to buy really good businesses did he looks for companies making best in class product and making a lot of money to do it. he bought a company outright. he kept the man in charge right where he always been. we welcome james hambrick, chairman, president and ceo in a fox business exclusive. >> it is a pleasure. liz: what was that like when you found out warren buffett wanted to buy your company? he is known as somebody who just

left his people from their company. >> it was very gratifying. very honoring good it is a great company. it has been for eight and a half decades. quite an honor. liz: you grew up in texas. you went to texas a&m. you were big in chemistry. if you join in 1979 when you were a freshman in college. >> almost 40 years. may of 73 i was a college freshman, chemical engineering student. never worked anywhere else throughout my entire career. liz: great american story. starting at the bottom and working your way up to chairman and ceo. >> thank you very much. liz: you have big competitors out there. globally, not just here in the united states. how is business? >> business is -- it is okay.

spread about one third america, europe, one third asia. europe is down a bit. asia is down. liz: do you foresee that turning around any time soon? what about iron ore imports? electricity out of china? >> i go to china a lot. i spend two or three trips in china a year. turnaround. in all honesty, i tell warren when i talk to him, we are going sideways. i think we will continue to go sideways for the remainder of the year. that is globally. liz: would you see any strong pockets? >> i wish i could say i do. north america would actually be the strongest. north and south america. liz: that is interesting. why? >> it is an industrial chemicals

business good all kinds of downstream industries. the north america economy is about as strong as any economy in the globe right now. asia is weaker. europe, obviously, has its problems. on a relative basis it is stronger. on an absolute basis, the global economy is weak. liz: i don't have to tell you this, but it is heavily regulated. there is so much talk about regulation. obviously you have been able to strive and work through all of that. is it more difficult now to a breaking point for canoe always figure it out? >> regulation and moderation is always good. i think it is healthy. taken to an extreme a lot like anything else, they can be burdensome. for those capable of managing regulations of all sorts, they can be a competitive advantage. things that drive emissions,

reduction caught those drive our business. liz: that is interesting. here is an opportunity where you say not only can we work with that, we can profit from it. >> as you try to manage greater and greater efficiencies out of mechanical devices, you need to change designs, operating conditions are normally harsher and that is a great opportunity for a surface energy company like us. liz: i look at how you spend much of your time here in cleveland at different points in your career. now you have made it home. what would happen if you eventually said i am ready to retire. would you leave cleveland or is this the place to be for you? >> this is home for us. we are committed to cleveland now. when the day that i hang it up, we will retire here. liz: it is a company with a

corporate conscience. how involved do you get as a resident of the state of ohio to look at things and say we have to get our education up to speed. you are looking for chemists. are we turning out enough ms ms they need dramatic improvement. many of us who are active in the city and region, both that the primary level and secondary level with science education. liz: how do we get people to be interested in science and engineering? >> it takes good curriculum, good teachers and good schools. as we all know, teachers can make all the difference in turning on student curiosity. it really takes a whole number of things to really come together. liz: how to look at what is happening today? unemployment dropped to 7.8%. on the surface, it looks good,

some people question it. what do you see out there in the trenches as a business leader? >> well, in all honesty, there are a lot of people who are unemployed, there are actually quite a few who are underemployed. there is no question the economy is not creating as many good, solid high-paying jobs. liz: they always ask business people what the problem is and they say uncertainty. >> i do not think it is as much uncertainty. you have to have an increase in demand of your products that justify the need for more manufacturing, more employees and there is a point in fact for us in 2012 our volume is less than it was last year. there is not a lot of justification in a slight demand economy to have production and workers. liz: you are not hiring right

now? >> we are hiring. liz: what are you hiring? >> primarily professional employees and primarily because our business is so global. primarily in asia. we do expect it will continue to run for a number of years in the future. liz: lubrizol hangs in there in the business world. >> absolutely. we are having a very good year considering the circumstances. we all get a package at christmas. of course. liz: subspecialty, these as a gift. james hambrick, great to see you. thank you so much for joining us. >> thank you. liz: you are a browns fan? >> yes. liz: we need a better season. chairman of lubrizol in a fox business exclusive.

does not give a lot of interviews. cleveland open for business. we have about 38 minutes before the closing of rings. both candidates mentioned one company a couple of times. the cleveland clinic. one of the most prestigious hospitals in the country. a presidential shadow and from mitt romney as well. we will talk to doctor toby cross. ♪

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liz: welcome back everybody. but get a check on the market today. the dow hit a five year high earlier in today's session. we have used a little bit as we head into "the closing bell." it is mostly flat. s&p higher for the fifth straight day. we have lost that momentum as well. the volatility index, that fear gauge, it split lower today. people coming down, maybe from the jobs number. this is a multi- year well for the volatility index. you are looking at a multi- year while at 14.56. some people say that is an indication of a market top and things may come down because people are too complacent. the one pure picture is pulling back. one american business was mentioned by both candidates during wednesday night's presidential debate.

this company was held up as a shining example of the way things ought to be run in a complicated world of healthcare. listen. >> cleveland clinic. one of the best healthcare systems in the world. they provide great care, cheaper than average. the reason they do is because they do some smart things. they say if a patient is coming in, let's get all the doctors together at once, do one test instead of having the patient run around with ten tests. >> your example of the cleveland clinic is by case and point along with others i could describe. this is a private market. these are enterprises competed with each other. i used to consult to hospitals and healthcare providers. i was astonished by the creativity and innovation that exists in the american people. liz: the cleveland clinic, the quality of care at a quality

price is now squarely in the spotlight. i spoke with doctor toby cosgrove about what it was like first to get the big shout out. >> that was a great shout out and we are very appreciative to both candidates. maybe there is something special about the organization. liz: why do you think they used the cleveland clinic of an example? >> one of the things is they have seen relative to other people, we have been able to keep costs down. i think the reason for that is our model of care. the doctors are all employed. they are all salaried. they have no financial incentive to do more or less. we do not see extra tests or procedures. that keeps the costs under control. liz: 3000 doctors. 11,000 nurses. you are cleveland biggest employers. frankly, northeast ohio's. are you hiring right now?

>> we continue to hire. particularly for talent. we want to keep the number of people without increasing -- there is always a turnover. we are always hiring. liz: the narrative has been a lot of worry about the cost of the affordable health care act. you see all kinds of numbers thrown out. what is it really? >> we will be paid less for doing what we do now and i expect to keep the quality of. that means we have to become more efficient. let's talk about how we got here. we got here because health care has gotten better since 1950. think about aids. it used to be a death sentence. now it is a chronic disease. that is because of the drugs. with better health care, there comes increased cost. that is one of the major factors in why we have to change the way

we deliver care. now it is chronic disease, not acute disease anymore. liz: doctor, do you think it will be harder to convince people to go to medical school and what you are saying is true, doctors will be paid less. >> i do not think so. doctors do not go to medical school because they think they will be rich. they go there because they have a calling. we have many more applicants. really good applicant. we have places for them. we will have a shortage of doctors. a shortage of 90,000 doctors in the united states. that will go up over time. more people and more things we can do for them. we have to look at other people who will deliver care. physician assistants, nurses, etc. that can help screen people and only use doctors at the top of their ability. liz: mitt romney says if he went he will appeal the affordable

care act. >> healthcare had to change. we had an emphasis that would move us along. the revolution in healthcare delivery is already happening. the trade left the station lobby for the bill got passed. we recognized that we had to consolidate to bring efficiency. we recognized doctors are now being employed. doctors are now salaried and employed as opposed to being freelancers. hospitals are consolidating. liz: would it hurt that movement if suddenly repealed and other worlds changed her with things just continue to go in the direction they are going? >> we know that we have to be more efficient and deliver as we deliver care. that is happening all the time. it was happening before we even started to talk about this. liz: and q4, 2013, international expansion for the cleveland clinic will open its doors in

abu dhabi. what does that say about cleveland and the cleveland clinic? >> it is interesting. our brand is being recognized around the world. one of the things the world wants in the united states is our healthcare. they really want our healthcare. we have made a major investment of intellectual capital to begin to bring that sort of healthcare out into the world. if we think we can do well there, there will be lots of other opportunities for us. liz: great medical talent. do you have any trouble that the cleveland sky skyline behind us, that this is a place to live. >> the model prints people here. they want to come and work at the cleveland clinic. people are not coming to cleveland because it will be a day at the beach.

they are coming here to be professionals. they are dedicated to being doctors and working. it is a very good filter for us. liz: they better not be coming for the weather. one of the years there was 10 feet of snow. we had a gorgeous day yesterday at the rock 'n roll hall of fame. we had "the closing bell" ringing in about 26 minutes. other major industries are up more than 1% for the week. the dow about two flatline. sandra smith coming up to highlight the big winners. yes, we are here in cleveland talking to the cities tickets business leaders. coming up the chairman and ceo of chief -- "countdown to the closing bell" live in cleveland and open for business. ♪

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i am robert gray with your fox business brief. americans boosted their borrowing in august by the most in three month. consumer borrowing top the $18 billion mark with strong gains that cover on know and student loans and credit card debt. more than 577,000 honda vehicles are being investigated by the national highway traffic safety administration. they are looking into consumer complaints that certain models of the 2003 and 2004 odyssey minivan and private utility vehicles can roll away even after the key had been removed. the agency has received 43 complaints including several

reports of injury. after a turbulent weekend dozens of canceled flights american airlines says all of their 757s will be back online tomorrow. the airline said the issue has been identified and maintenance teams are securing the government approved locking mechanism to make sure no seats can be dislodged. now we continue count down to the closing bell with liz claman in cleveland. liz: i will take it here on the floor of the stock exchange as we take a closer look at some of the solar stocks going into the closing bell. solar not so hot right now. looking at first solar here they are sliding for couple reasons. some reasons include quality which they have acknowledged. analysts say there is a blood over too many solar panels and we have seen that in the new york times article that talked about in china where they were mass producing solar panels. pricing will drop.

anyone who took economics in college knows about supply and demand. look at other solar stocks we followed closely with most of them selling off and we should also note many of them are small caps. they do get volatile and they swing in big ways so be careful. too many solar panels means they are selling off. no one really wanting their goods right now. liz: to, ties the problem these things are getting turned out. it happens in solar and silicon valley. let's go to sandra smith who is looking at this week's biggest movers. sandra: let's start out with the dow's biggest gainers on the weekend that was a couple financial names, retailer and telecom. banc of america and jpmorgan making the list and home depot and verizon. next week we kick off earning season. wells fargo will be reporting later in the week and we are

watching the s&p 500's biggest winners. netflix topping the charts and consolation brand. alcohol being a big winner. game stop and metro pc s on big news this week. those are the top equity gainers. the biggest commodity winner you will love is lean hogs outperformed crude oil, gold, silver, gasoline, up 6% with a lot of commodities falling. and the biggest commodity whene'er. liz: i prefer cocoa for chocolate. and i need the cocoa. here we are in cleveland and take a good look. this is the cleveland plain dealer. an award winning newspaper.

the owner's advance publications and all i am hearing is come here and this may go away but they move it down to a three day a week paper and every business person i talked to says that would be a shame if we lose -- we are from news corp. and we own a lot of newspapers. my $0.02. the cleveland played dealership should be saves. closing bell ringing in 17 minutes. we are talking to every kind of business leaders from the city's fourth franchise to the governor and even ceo of the hall of fame and take a closer look at the city's financial industry. this is the fifteenth largest bank in the nation. coming up we talked to the chairman and ceo about the landscape right now. follow the wings.

liz: welcome back. this is the largest bank in cleveland and the fifteenth largest in the country. one of only two major u.s. banks with a 5-star credit rating with low interest rates. joining me now fox business exclusive is beth mooney, chairman and ceo. $87 billion in assets and stock up 43% year over year. not bad. there was a time it was not easy to be in finance. >> we certainly have been in an industry like our economy that has seen its challenges but lots of us are finding our way to navigate through this by staying

focused about our clients and community. liz: it was not a profitable bank in 2008-2009. you steered it back to profitability. a lot of people would like to know how you made that happen. >> we had our share of troubles. if you think back to september of 2008 which was the real beginning of the downturn what you had to do was reposition your balance sheet and take your losses and become more funded, and get back to basics and never lose sight of financing america's recovery.2008-2009 an on your business proposition and to your clients are and how to do business and start growing again. liz: everybody learned a lesson and there was still some cutting that needs to be done. will you do it in the form of branch closings? what happens now? >> this is an economy that because of lower interest rates

every dollar counts. every decision matters. focusing in on our efficiency. how do we grow our revenue but what can you do to make sure you are cost-effective with shareholders? we are looking at whether to rationalize our branches and reduce occupancy and look for operations. every dime counts for what is doing to be as efficient and possible as we can be. liz: how do you deal with the low interest-rate environment or refinancing loans and losing a couple basis points on every loan? >> it is true this extended low-interest rate environment is not favorable to bank earnings. liz: ben bernanke ordeal with it? >> i can also understand his position that stimulus hit the economy. it is good for bar worse to have low interest rates and now we have lower rates from short to long it is easier to borrow or

give people reasons to borrow so last time we checked we made money when people borrow loans. it is good for us but it does shrink the spread on our loans. that is why you have to be cost-effective, acquiring good clients and looking at how to generate more business. liz: they expects fourth quarter loan growth? >> as we have talked about it we continue to see among our commercial clients that they continue to borrow and acquiring competitors and investing in business and doing things commensurate with an industry that returned to profitability. they are not hiring which is part of why we talk with ben bernanke about q e 3 and the things we are doing to stimulate the economy but we see our clients continuing to borrow and continuing to acquire new clients. liz: you have some agriculture and farmers clients. what is that like? how do you deal with that?

>> we just looked at that a couple weeks ago and much of our agricultural lending is in the western market which would be idaho and washington and proportionately they did not experience the drought you saw in the heartland between indiana and nebraska. our cultural portfolio has done well. liz: i have to ask you were just named one of fortune's most powerful women. you are the only female ceo of the top bank. how did you get there? >> there is no substitute for hard work but i will also tell you i tell our young employees of the time and young women to find something you really like to do and do it well. always be part of the team. find the work hard, look ahead and --

liz: many stumbling blocks leica cut the economy, what is the one thing you would say? >> i am supportive of what the federal reserve has done. i understand the backdrop of the economy but i do think the tone in washington we need to look forward and there is an anti business tone that i don't think takes a national dialogue. we are in it together. we may all make mistakes and learn from them. we are moving forward to finance america's recovery. liz: we did our research but didn't realize the research was just a couple feet away. our satellite truck operator is called american satellite. there is. years ago when he wanted to start his small business he got a loan and promised it to him

and the financial crisis hit and you came through with the money while another bank full out. it is a business that helps small business. >> we are proud of that story and smiling as i look over ritter. i will tell you that is what we do. we are here to help our clients thrive and communities thrive. we remain small business lender of the year. it is a great story. liz: congratulations. closing bell ringing in 6 minutes. stay tuned. we will be right back. closing bell in a few minutes. [ male announcer ] what if you had thermal night-vision goggles,

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liz: all three indices finished the week to the upside. david asman take it from here. cu in a few minutes. dave: book forward to that. let's go to nicole petallides at the stock exchange to give details of what is going on here because we lost a nice lead and end in the green for the dow it appears but charlie brady, a ief economist says at&t is responsible for a big chunk of this loss. >> united healthcare. those are the names weighing on the dow jones industrials. we have seen hewlett-packard in there and microsoft and j. p. morgan and some names that played on the dow going into the close. liz: dave: there are some all-time

highs. consolation brands, we will talk to the ceo coming up so some stocks had good days. >> the dow hit the highest level in five years so constellation brand you think of corona and raven line an all-time high. walmart. you need your alcohol. you need your tobacco. dave: and wholefoods. may be inconsistent to smoke a cigarette when eating whole foods that doing pretty well. zynga a big movers today. >> they cut their outlook again. you see the dramatic fall off and a lot of favorites stay below. avalanche facebook and linkedin. dave: another sort of bumper is green mountain coffee. we are used to that and it lost 5%. >> we were watching green mountain. starbucks says th